Drive business with our property management solution
As a residential block manager, recommendations are key to your growth.
When you pay attention to the two fundamental factors of service (quality and your ability to deliver), you can persuade clients, such as leaseholders and committees, to spread positive word of mouth and talk about you to their network.
Property Management Software
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Therefore, to continue scaling your income, the experiences of your current clients need to become a number one priority.
What if we told you there was a way to:
- be more efficient with your time
- protect your bottom line
- decrease costs
All while continuing to satisfy your stakeholders? No compromise required.
With MRI’s property management software, you become the agile manager that the real estate market demands.
What is property management?
Property management is the work you do to maintain and operate your real estate assets. This includes finding renters, making agreements, looking after properties, listening to requests, and collecting rent.
It can be too much for any block manager.
What does property management software do?
Property management software is a tool that can automate your workflows and help you organise what needs to be completed and when.
High-quality cloud-based property management programmes allow you to:
- Access property data anytime, anywhere.
- Manage your residential and commercial properties.
- Simplify resident and tenant communications through a portal.
- Track rental agreements.
- Foster reliable and accurate collaboration.
- Automate lease calculations to maximise performance.
- Scale your business and adapt to the market.
Advantages of using property management software
In today’s digital age, it seems there are unlimited benefits of CMMS for property management.
Fewer human errors get made and you spend less time apologising for things that have slipped through the cracks. So, prospects are bound to look positively upon businesses (and block managers) that use property management tools efficiently and effectively.
By using software for property management, you can:
Benefit 1: Save time
Administration tasks have been a complication for managers since the dawn of time, but, when everything you need to do to organise your properties is all in one system, you can be more proactive and reduce delays.
Benefit 2: Cut wastage
With the help of property management software, you can ensure the ongoing quality of your properties. Instead of missing deadlines for necessary and important maintenance that eventually leads to an expensive fix, you’ll have a platform providing regular reminders.
Benefit 3: Enhance communication
With the right property management tools in place, communications between yourself, your employees, and your clients can be streamlined – allowing you to create healthy relationships based on trust and understanding.
Benefit 4: Control your finances
When you are starting to increase your real estate investment portfolio, the amount of work that needs completing piles up. Software for property management provides an overview of your different rental incomes and ensures you are charging fair (but profitable) rent levels.
Top property management software features
Essentially, when you onboard smart and comprehensive property management software, your job starts to get easier.
1. Accounting and Budgeting: Streamline and automate your finances by reviewing accurate forecasts, analysing rental values, and designing effective budgets.
2. Building Maintenance and Management: View timelines of properties that need work and be alerted of any legal procedures you need to conduct (i.e., fire alarms).
3. Resident Agreement Tracking: Predict when you need to have conversations about rent increases as you approach the end of an agreement period.
4. Resident Portal: Easily action client requests through an easy-to-use portal.
With MRI Software’s property management solution, you can manage the total lifecycle of your real estate investments – onboarding renters, fulfilling your obligations, and continuously delivering the best service possible.
Choosing MRI Software for block management
When it’s time for you to browse through the various property management software systems available on the market, choose one that will best enable your growth.
Step 1: Look at what systems other block managers have adopted. Consider the size of their operations, the type of clients they work with and the type of properties they handle.
Step 2: Consider buying a property management software package that has proved itself a market leader, with a strong reputation within the industry. Look for case studies and seek references.
Step 3: Calculate how much time and resources you can save, which can be reinvested in new business development. A great software package should present significant opportunities to market your services more widely.
Step 4: Find out about the business insights that a property management system can offer. For example, it may allow you to view your property data to produce detailed forecasts and reports.
Step 5: Consider the online and self-service functionality of a property management system. New clients will place a high value on this aspect: it improves communication, speed of response and data integration while saving money and time.
Step 6: Seek out a system that can offer you the ability to market to both leaseholders and residents, driving revenue from all building users.
Step 7: Prioritise a supplier with a well-worked out mobile and apps strategy, together with Software as a Service (SaaS). This shows that you are at the forefront of adopting new technology to the benefit of your clients.
Step 8: Choose a system that can allow high levels of collaboration between all stakeholders in the property management process, driving further efficiencies through the whole supply chain.
Step 9: Above all, you need to look for a property management software provider with strong training and support. As a manager wanting residential block management software, you can’t expect your employees or clients to be IT experts – so adopting and understanding software quickly is vital to your success.
Property management software – FAQs
What are the basics of property management?
Property management often entails rent setting, building maintenance, admin, and communication with key stakeholders.
How much is property management software?
Many property management software tools are priced depending on the complexity of the tasks you want to complete. Some can include or exclude various features that aren’t of use to you, making a platform more affordable. If you want a direct quote for your block management business, speak to MRI Software.
What is cloud-based property management software?
Cloud-based property management software is a tool that allows you to maintain and control your real estate assets anytime, anywhere. It uses the internet to allow you to access data, so, when you are out prospecting clients, you can still keep track of your properties.
What makes MRI’s property management software different?
In summary, to achieve optimum results and grow your revenue, it is crucial to have demonstrable technology that supports the following areas:
1. Accurate and well-managed service charges.
2. Excellent relations with contractors, together with fast response times.
3. Frequent and full communications to all stakeholders.
4. Efficient administration and good use of resources.
5. Compliance with RICS and ARMA regulations, along with an awareness of current and forthcoming legislation.
MRI’s property management software ticks every box.
By embracing our software and being an effective block manager, you can take on more work, upgrade your pitch to new clients, and start to achieve economies of scale in your administration.
Sound appealing? Request a free demo of our property management solution today.
How ScotRail has streamlined portfolio management with MRI Horizon
ScotRail, the publicly owned Scottish railway network operator, selected MRI Horizon to manage its rental and lease portfolio, comprising 220 units across 356 stations. Business challenge The decision to deploy MRI Horizon was part of ScotRail’s di